If you want to make money from your podcast on YouTube, we’ll explore all of your choices in this post and teach you how to do it. Remember that this is a long-term endeavor, like practically every other strategy to create money. Most likely, you’ve read or heard a lot about how well-known podcasters do financially.
However, they’ve been doing this for a long time in most situations or already had a following when they started podcasting. However, don’t let it discourage you. It’s feasible to begin producing money within the first six months and build it up over a year and beyond with the appropriate strategy.
However, don’t let it discourage you. With the appropriate technique, it’s conceivable to earn a little income in the first six months and then grow that income over a year and beyond. We came up with the following three major elements that affect whether or not you can generate money from your podcast: Community and Relationship Building via Presentations, Content, and Performances.
Sponsorship of a podcast
Sponsorships with companies looking to reach your podcast audience are the conventional approach to monetizing a podcast. For marketers, finding a location where their target audience has assembled to pay attention is a priceless opportunity.
Sponsorship agreements may be structured in a variety of ways. While some marketers will pay for downloads, others may need a coupon code that pays a percentage for any purchases you bring in, depending on the advertiser.
Check out podcasts with comparable audiences to yours and see who supports them to identify potential sponsors. Attend trade exhibitions and other industry events, join a podcast network, or ask around in your business network.
As a podcaster, attending industry events is a wonderful way to identify who is sponsoring and spending their marketing money to target the kind of audience your podcast serves.
While podcast advertising may not be something they’ve previously thought about or attempted, it may be a lot simpler to persuade them otherwise if you can meet face-to-face. Several well-known podcast sponsors provide products and services that appeal to a wide range of listeners. Consumer goods, including beds, toothbrushes, razors, and undergarments, are often targets for their advertisements.
Because of the large number of downloads (tens of thousands, give or take) that your podcast attracts, sponsors wishing to reach a wide audience may be interested in working with you. Your podcast might make $20-$30 per thousand downloads based on industry average advertising prices (in other words, $20-$30 CPM or cost per mille). Remember that these are just averages, and a particular podcast might make a lot more money (or quite a bit less.)
Assist the audience (podcast subscriptions, Patreon podcasts, etc.)
Some of your listeners may like to support your podcast directly by purchasing a product from your sponsors. Patreon is the best example of a crowdfunding platform since most of the money goes to the author (in this case, you). Your listeners commit to supporting you monthly (or per episode) in exchange for unique material and updates.
Apple’s subscription program for podcasts
By 2021, Apple considered charging individuals to listen to podcasts via a new membership service. Gated material that only Spotify Premium subscribers have access to may be threatened by this, but it also provides new opportunities for content providers who want to monetize their work.
It could allow podcasters to charge for exclusive material or allow fans of their favorite presenters to give them a small amount of money to keep doing what they do best.
Merchandise from the podcast
Merchandise sales are another option to monetize an established audience while providing value. Because there are so many printing and shipping businesses (like PodSwag) to pick from, you don’t need to stock up on t-shirts or pay any upfront money.
It doesn’t seem like you’re launching an entire side company since it’s so easy to set up. If you have the designs and the audience, they can work together.
So, those are the most common ways to make money from podcasts right now, but if you’re doing material that promotes your company, it may seem strange to ask for sponsorship or donations from your listeners.
The promotion of your podcast
As a marketing tool, several podcast production firms utilize their podcasts to advertise their goods and services. It’s a terrific approach to get into the B2B industry and find new consumers and clients who may profit from their offer.
Having a podcast is a terrific approach to demonstrate your competence in the field you’ve spent a lot of time on. However, it’s also a chance to build a long-term relationship with your target audience, which is more valuable in the long run than a rapid transaction.
You may develop a long-term relationship and a foundation of adoring fans of your business by attracting listeners who have your target customer’s profile. In addition, you may engage in a two-way conversation with your community to learn more about the people your company serves.
Some firms aggressively promote their goods and services on their podcasts by acting as their sponsor. This technique may succeed, but we try to advise our customers away from it since over a million podcasts are available, and listeners have plenty of programs to choose from if they choose to spend their time listening to an infomercial instead.
Final Thoughts
More and more people are turning to online coaching programs as a convenient way to brush up on job-related skills while sitting at home or in the office. You may set up a coaching program as long as you are a few steps ahead of total novices in your industry.
Consultants work with a wide spectrum of clients, but they often specialize in a single problem area and provide various solutions. Certain consultants are willing to execute the solution themselves.
You’ll get a plan and ideas for both free and commercial solutions from others. It’s time to put everything you’ve learned about monetizing your podcasts to use and see how much money you can generate.